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Multi-Family

11432-11456 Vanowen

11432-11456 Vanowen St, North Hollywood, CA 91605

Listing Price: $6,000,000

Lot Size
0.70 acres
Price/Acre
$8,618,063
Land Type
Redevelopment
Buildable Square Feet
83,399

Investment Overview

Marcus & Millichap is very proud to present this extremely rare and exciting development opportunity in North Hollywood, CA. Stretching from Kraft Ave to Farmdale Ave, this development opportunity has 270 feet of frontage on Vanowen St and approximately 112 feet in depth on both sides, situated in an ideal rectangular shape. This development opportunity checks every box we can think of: Opportunity Zone, TOC Density Bonus, C2 Zoning, Block-to-Block 5-lot assemblage, and over 30,000 square feet of blank canvas to build up to 114 apartment units. With the C2 zoning, a multifamily developer can build up to 75 market-rate units by-right, or a developer could choose to utilize the TOC Tier 1 Density bonus and build up to 114 units, with 10 of those 114 units being set aside for very low income tenants. A couple of the main benefits of the TOC Tier 1 bonus is that a developer will be allowed an increased FAR and height limit, which will be 2.75-1 and 56 feet, respectively. The property is also located in an Opportunity Zone which allows a developer an array of tax advantages on both the purchase and the future exit. To learn more about the TOC program and/or the Opportunity Zone tax law, please contact us today. Lastly, the property currently generates about $22,000 in monthly gross income, which can allow the buyer some financing options on the purchase that would not usually be available for unentitled land. This available purchase financing will help reduce the carrying costs significantly during the planning process. All of the current tenants (both commercial and residential tenants) are mostly on month-to-month leases, with the longest active lease being under 2 years from expiring. This gives the winning developer the ideal situation to collect income during the planning process without having to worry about the property being vacant by the time the plans are fully approved RTI.

Investment Highlights

  • 5 lot, Block-to-Block Assemblage
  • Rare 0.70 Acre Lot in North Hollywood
  • C2 Zoning w/ TOC Tier 1 Bonus
  • Allows for 75 Units By Right
  • Allows for 114 Units with Tier 1 TOC
  • Located in Opportunity Zone
  • Ideal Development Opportunity

Exclusively Listed By

Financing By

Listing Price: $6,000,000

Lot Size
0.70 acres
Price/Acre
$8,618,063
Land Type
Redevelopment
Buildable Square Feet
83,399

Investment Highlights

  • 5 lot, Block-to-Block Assemblage
  • Rare 0.70 Acre Lot in North Hollywood
  • C2 Zoning w/ TOC Tier 1 Bonus
  • Allows for 75 Units By Right
  • Allows for 114 Units with Tier 1 TOC
  • Located in Opportunity Zone
  • Ideal Development Opportunity

Investment Overview

Marcus & Millichap is very proud to present this extremely rare and exciting development opportunity in North Hollywood, CA. Stretching from Kraft Ave to Farmdale Ave, this development opportunity has 270 feet of frontage on Vanowen St and approximately 112 feet in depth on both sides, situated in an ideal rectangular shape. This development opportunity checks every box we can think of: Opportunity Zone, TOC Density Bonus, C2 Zoning, Block-to-Block 5-lot assemblage, and over 30,000 square feet of blank canvas to build up to 114 apartment units. With the C2 zoning, a multifamily developer can build up to 75 market-rate units by-right, or a developer could choose to utilize the TOC Tier 1 Density bonus and build up to 114 units, with 10 of those 114 units being set aside for very low income tenants. A couple of the main benefits of the TOC Tier 1 bonus is that a developer will be allowed an increased FAR and height limit, which will be 2.75-1 and 56 feet, respectively. The property is also located in an Opportunity Zone which allows a developer an array of tax advantages on both the purchase and the future exit. To learn more about the TOC program and/or the Opportunity Zone tax law, please contact us today. Lastly, the property currently generates about $22,000 in monthly gross income, which can allow the buyer some financing options on the purchase that would not usually be available for unentitled land. This available purchase financing will help reduce the carrying costs significantly during the planning process. All of the current tenants (both commercial and residential tenants) are mostly on month-to-month leases, with the longest active lease being under 2 years from expiring. This gives the winning developer the ideal situation to collect income during the planning process without having to worry about the property being vacant by the time the plans are fully approved RTI.

Exclusively Listed By

Financing By

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